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 Form 1 NRPY Mass NonresidentPart Year Resident Tax 2023

Massachusetts Schedule C 2023-2025 Form

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Video instructions and help with filling out and completing Form 1 NRPY Mass NonresidentPart Year Resident Tax

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hi this is Bill Harris am today's Cornerstone quick clip we're going to be talking a little bit about the Massachusetts income tax rules I don't know if you aware of this but Massachusetts does not give you a deduction when you put money into your IRA and not only your IRA if you have a small company you might have a simple IRA plan or a separ simplified employee pension Massachusetts is not give you a deduction for those as well so most people are not aware of this it's extremely important that if you are contributing that you keep good records because when you go to take money out in retirement you got to want to know what you put in because it will impact your taxes that is what the the money you put in is what's called basis and you need to track it I have approached Massachusetts legislative body about this to try to get some changes again Massachusetts is only one of three states that does not allow a deduction for an IRA our legislative bo

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